Solana (SOL)

BetDEX, a Solana-based sports betting protocol, has closed a $21 million seed funding round

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FTX, a crypto futures exchange, and Paradigm, a crypto investment firm, led the round, which also included a number of well-known venture capital firms.

BetDEX, a decentralized global sports betting protocol, has raised $21 million in a seed round.

The Edinburgh-based BetDEX announced the funding on Wednesday, calling it the “largest-ever seed investment round by a U.K. firm.”

The investment was led by FTX, a crypto derivatives exchange, and Paradigm, a crypto venture firm based in San Francisco. Lightspeed Venture Partners, Sino Global Capital, and Solana Ventures also participated.

According to a blog post, BetDEX is developing its protocol on the Solana blockchain in the aim of becoming “a global clearinghouse for sports wagering.”

Third parties will be able to run their betting platforms on BetDEX’s back-end infrastructure, which will take advantage of Solana’s high transaction speeds and low fees. BetDEX claims that its protocol will impose a fee of less than 1% on net winnings, undercutting centralized competitors such as FanDuel and DraftKings, which charge between 2% and 5% on net winners.

On the protocol, which has yet to be named, the corporation also intends to establish its own betting platform. According to the statement, BetDEX will accept wagers in USDT, SOL, and SAMO upon launch.

Three former executives from FanDuel, which controls 36% of the existing online sports betting industry, lead the company. Nigel Eccles, the non-executive chair of BetDEX, was a co-founder of FanDuel and served as its CEO.

With the crypto betting business in the United States still in its infancy, BetDEX is focusing on the European and Asian markets, according to a company representative at CoinDesk. The state of Wyoming is now the only one in the United States that has permitted bitcoin sports betting.

In a press release from BetDEX, FTX CEO Sam Bankman-Fried commented, “It is mind-boggling that more sports wagering does not place on exchanges.” “We believe in providing consumers the power and control to choose their own price, and we’re pleased to work with BetDEX to make this a reality.”

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